A once-proud symbol of French industrial might insisted yesterday that it could survive without a state bailout, despite reporting record full-year losses of €5.01 billion.

Philippe Varin, the chief executive PSA Peugeot Citroën, sought to put a brave face on the figures, claiming that the carmaker was on the verge of recovery and an injection of public funds was “not on the agenda today”.

Jérôme Cahuzac, the Budget Minister, said last week that the Government could be tempted to prop up the business through its Strategic Investment Fund, a state-backed facilty set up at the height of the financial crisis